RENTAL AND INSURANCE

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This topic contains 3 replies, has 3 voices, and was last updated by Profile photo of Anonymous Anonymous 8 years, 1 month ago.

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  • #54378
    Profile photo of Anonymous
    Anonymous
    Participant

    The management company I have have just started to use, informed me last Friday that they are now closed and are in administration. The rental income they owe me amounting to just over 3000Euros is I understand lost. My question is: are management / rental companies in Spain obliged to post a bond or insure when they collect money on behalf of owners? Or is there any other type of regulation to protect owners?

  • #86687
    Profile photo of katy
    katy
    Spectator

    I don’t think there is any regulation. It happened to us once although we did manage to get the money back through personal contact. Only use a management company where the rent is paid direct into your bank account. It happens regularly on this coast where the agency runs off with the money 👿

  • #86704
    Profile photo of Anonymous
    Anonymous
    Participant

    Thanks but they were supossed to send the money to our bank.

  • #86722
    Profile photo of Anonymous
    Anonymous
    Participant

    Spain is very much an unregulated market place and stealing clients moeny is the norm.

    Businesses are closing by the minute over here so don’t let anyone hold your money or pay over any deposits whatsoever!

    Count yourself luck it was not more.

    case 1 – Buyer pays EUR700,000 deposit on land. Estate Agent runs off to Brazil.

    case 2 – Buyer pays EUR300,000 deposit on EUR3m villa. Vendor pulls out and vendor’s “Reputable” Elivia conveyancing firm keeps deposit

    I might add we were not involved in original transactions.

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